Regardless of interest rates rising and inflation, Americans are ready and willing to open their wallets, according to a new consumer behavior survey titled, “Shopify-Gallup Holiday Shopping Pulse” by Shopify, which polled more than 1,700 U.S. adults 18 and older.
In its research, the e-commerce giant found nearly 75 percent of holiday shoppers will spend the same amount or more on holiday gifts this year compared to last year.
Notably, while a previous report by WWD notes a decline in mall foot traffic during back-to-school, Shopify findings show that Gen Z is embracing in-person retail opportunities. More than a third of shoppers between ages 18 to 29, specifically, said that having in-person experience is a key factor when making purchases this season, compared to a maximum of 25 percent in other cohorts.
Furthermore, Gen Z also was revealed as the most likely to shop on social e-commerce websites such as TikTok Shop and Instagram Shopping — with nearly 50 percent of Gen Z sharing that they buy “some gifts” through social media.
Some of the most popular products purchased this season include apparel and accessories, gift cards, food and drinks, children’s toys and electronics. Women polled said they are most likely to buy accessories, children’s toys and beauty products, while men said they will most likely purchase electronics.
Support for SMBs during the holidays is a major factor, with 80 percent of consumers saying they will shop at SMBs this year. Thirty-six percent of people said they will be purchasing from SMBs on Small Business Saturday, upcoming on Nov. 25. While 44 percent of Millennials planning to shop on Small Business Saturday, only 23 percent of Gen Z noted the same.
One major trend highlighted by Shopify is consumers wanting to shop for themselves. More than 60 percent of shoppers polled said they plan to buy something for themselves or their household during Black Friday and Cyber Monday, which will not be a gift.
“The self-gifting trend is a testament to the relationships that Shopify merchants are able to build with their customers,” said Harley Finkelstein, president of Shopify. “When someone knows, loves, and trusts a brand, it makes perfect sense for them to stock up on their favorite things from their favorite businesses while taking advantage of the best deals of the year.”
For More WWD Business News:
Black Friday and Cyber Week Remain a Major Push, While Personalization Helps Profitability
Retailers Face a More Frugal Shopper This Holiday
Young Consumers Take On the Enormous Cost of Spirit